Order set aside for payday lender


A district judge on Monday issued a temporary restraining order against the Financial Institutions Division's cease-and-desist order against a payday lender.

Clark County District Judge Elizabeth Gonzalez issued the order which temporarily set aside the cease-and-desist order that the division issued in November against Cashback Title Loans Inc.

The financial division accused Cashback of operating without a license.

However, Cashback's attorney Ryan Works said Cashback Title had been trying get its title reinstated for more than a year and believed it had complied with all the division's requirements for doing so.

Cashback said it accidentally allowed its license to lapse because it moved from the headquarters where the notice about the license expiration was sent.

Also confusing the issue was the payday lender's addition of four stores, bringing the total to 16.

Works complained that the state couldn't fine Cashback $50,000 for each location, only $50,000 for all of its payday lending locations.

Deputy attorney general Daniel Ebihara said it was a misdemeanor to operate as a payday lender without a license. He complained that a previous financial commissioner obtained a cease-and-desist order against Cashback in 2006.

"I do have some concerns about the way the division acted in this case," Gonzalez said.

She said the division should have resolved the licensing issue faster.

Gonzalez scheduled a hearing on a preliminary injunction on the Cashback matter for Feb. 13.

Cashback has a significant change of winning the case, she said.

 

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